Residential construction employment fell by 16,400 jobs in October, the largest monthly decline since March 2021, according to the National Association of Home Builders’ analysis of Bureau of Labor Statistics data.
Residential construction employment stood at 3.3 million, including 921,000 workers employed by builders and remodelers, down from 922,000 in September, and about 2.3 million residential specialty trade contractors.
Over the past 12 months, the sector has lost 40,200 jobs, marking the 20th consecutive month of year-over-year decline and deepening the loss from 26,100 reported in September. The six-month moving average worsened to a loss of roughly 4,600 jobs per month, from about 3,300 in September.
Residential construction employment fell by 16,400 jobs in October, the largest monthly decline since March 2021, according to the National Association of Home Builders’ analysis of Bureau of Labor Statistics data.
Residential construction employment stood at 3.3 million, including 921,000 workers employed by builders and remodelers, down from 922,000 in September, and about 2.3 million residential specialty trade contractors.
Over the past 12 months, the sector has lost 40,200 jobs, marking the 20th consecutive month of year-over-year decline and deepening the loss from 26,100 reported in September. The six-month moving average worsened to a loss of roughly 4,600 jobs per month, from about 3,300 in September.
The construction unemployment rate fell to 4.1% from 4.3% a month earlier.
Read the full report here.
